Regulus Therapeutics, Two Top Execs Pegged with Securities Class Action
Last Updated on May 8, 2018
In Re Regulus Therapeutics Inc. Securities Litigation
Filed: January 31, 2017 ◆§ 3:17-cv-00182-BTM-RBB
A proposed class action filed on behalf of individuals who purchased Regulus Therapeutics Inc. securities claims the company violated federal securities law.
A proposed class action filed on behalf of individuals who purchased Regulus Therapeutics Inc. securities between January 21 and June 27, 2016, claims the biopharma company and its CEO and COO violated federal securities laws.
Regulus Therapeutics focuses on “the discovery and development of drugs that target microRNAs to treat and prevent various diseases,” such as hepatitis C, fibrosis and immune-inflammatory diseases, the lawsuit says. One of its main clinical development products is RG-101, which treats patients infected with hepatitis C.
The plaintiff claims the defendants illegally made “materially false and misleading statements” regarding the company’s business, operational and compliance policies, specifically with regard to whether:
- Patients treated with RG-101 were at an increased risk of contracting jaundice
- Whether the company had overstated to securities holders RG-101’s approval prospects and commercial viability
- And, as a result of the defendants’ alleged conduct, whether information disseminated to the public by Regulus was materially false and misleading
As with almost all class actions filed over alleged securities law violations, this case revolves around hits to the defendant’s stock prices. On June 27, 2016, the defendants announced it had “received verbal notice from the U.S. Food and Drug Administration that the FDA had placed RG-101 on clinical hold after a second serious adverse event of jaundice was reported in a patient treated with the drug.” Following this news, Regulus share prices sank more than 49 percent.
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